High levels of student loan debt are causing financial difficulties for college graduates in Georgia and throughout the country, and going through a divorce makes this kind of debt even more challenging. Any debt acquired before marriage remains the sole responsibility of the original borrower, but debt taken out during the marriage may be divided between the spouses depending on certain circumstances. Since Georgia is not a community property state, courts will use an equitable distribution model to figure out who pays what.
Georgia residents who follow country music may be aware that Natalia Maines, who is best known for being a member of the Grammy Award-winning Dixie Chicks, and her actor husband Adrian Pasdar have decided to divorce after 17 years of marriage. Maines filed the papers citing irreconcilable differences in 2017. Media reports reveal that the couple signed a prenuptial agreement before they walked down the aisle in 2000, but any hopes Maines may have had for a speedy and amicable resolution have been dashed as Pasdar is contesting the document.
The family home is usually the most valuable asset that a divorcing couple owns. Therefore, deciding whether or not it should be sold is often a contentious issue during property division negotiations. Spouses in Georgia may choose to give up their rights to ownership of the family residence by signing a quitclaim deed, but doing so sometimes leads to even more acrimonious legal battles in the future.
The divorce rate in Georgia is among the highest in the United States; according to statistics compiled by the Census Bureau, the divorce demographics of the Peach State can be as high as 18.9 percent in cities such as Atlanta. The main reasons for legal separations in Georgia are not different than for the rest of the country: Money and strained communications top the list, and these are issues that could alleviated with prenuptial agreements.
Getting a prenuptial agreement is becoming increasingly popular among millennials in Georgia and across the U.S. A survey of attorneys that was completed by the American Academy of Matrimonial Lawyers found that more than half of the respondents reported that they had witnessed an increase in prenuptial agreements among this particular demographic.
Student loan debt continues to be a problem plaguing families across the nation. Education is not getting any cheaper, but several individuals need it for their desired jobs. Atlanta is no stranger to this issue. Recent studies show that it has the second highest amount of debt in the nation, behind only Washington, D.C.
Georgia residents who are planning on getting married might consider adding a prenup to their list of things to do before the wedding. While the common misconception is that prenups are for rich people only, the reality is that these documents can work for all types of couples and provide a sense of security.
Parents in some wealthy Georgia families might want their children to draw up prenuptial agreements when they marry. However, children may not always agree with this action. Therefore, it is best if people have this conversation with their children when they are young adults and even teenagers.
When Georgia entrepreneurs get a divorce, they might wonder how their business will be affected. Because the business is an asset like any other, the first step will be to determine its value.
For many parents in Atlanta who make the decision to divorce, the end of their marriage can be accompanied by a great deal of concern for their children's reaction to the split. Child custody, along with property division and other financial issues, can be one of the most contentious and difficult portions of any divorce.